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Inactive Financial Institution Letters

Bank Secrecy Act
VEF Banka, Riga, Latvia – Designation of Primary Money Laundering Concern
July 26, 2006

Summary: The Department of the Treasury has designated VEF Banka, Riga, Latvia, as a financial institution of primary money laundering concern and has issued the attached final rule restricting domestic financial institutions' banking relationships with this entity.

  • On July 12, 2006, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule designating VEF Banka, Riga, Latvia, to be a financial institution of "primary money laundering concern" under Section 311 of the USA PATRIOT Act.
  • The final rule includes a special measure that prohibits or imposes conditions upon the opening or maintaining of correspondent or payable-through accounts in the U.S. for, or on behalf of, VEF Banka.
  • This prohibition extends to correspondent or payable-through accounts maintained for other foreign banks when such accounts are used by the foreign bank to provide financial services to VEF Banka indirectly.
  • The final rule will be effective August 14, 2006.
  • Please distribute this information to the appropriate personnel in your institution.

FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Related Topics:
Bank Secrecy Act

Final Rule - PDF 84k (PDF Help)

Review Examiner Debra L. Novak at or (202) 898-3673

Printable Format:
FIL-66-2006 - PDF 36k (PDF Help)

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at

To receive FILs electronically, please visit

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

Last Updated 3/26/2012

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